Magazine Lider has prepared special edition about Influencer marketing and we bring you full version of Q/A with our director Marina Čulić Fischer.
1.In which way can brands seek out a quality influencer? Do domestic brands have a tendency to conduct the search themselves or do they prefer hiring a mediator to do the job (agency). What would be more useful?
According to a research conducted in October last year by the agency “Dialog komunikacije”, brands contact 85% of influencers directly. If a company has its own resources in order to efficiently, strategically and continuously practice influencers marketing (which is a condition for optimal results in influences campaigns), than I see no reason not to maintain that trend. Our experiences however suggest that clients, in general, are not always sure how to select the ideal influencer which corresponds with their brand, how to approach him/her, what to ask/expect and how to measure return on investments. When we attribute discipline growth to this, I have a feeling that there will be an increase in agencies' engagement in this field in the following period. Furthermore, agencies that collaborate with influences on daily basis have a fairly detailed understanding of influencers scene and rightfully so can select and establish partnerships with the most relevant influencers.
2. How does one determine the price of partnership with individual influencers? (Are there approximate prices according to the number of followers etc…?)
Each influencer has his or her own price depending, among others, on amount of followers. The second factor which determines the price is the brief - what is expected from particular collaboration – content co-creation (to which extent), number of posts, activations - yes or no, content form, which channel is used, exclusivity, whether or not this is a long-term partnership or one-time opportunity etc.
3. By which means can brands measure the efficiency of a partnership?
Results of collaborations with influencers depend mainly on campaign objectives, which can vary from reach to number of impressions. Prominent measurement factor can also be engagement, and especially content sharing. Furthermore, there are conversions or specific reactions regarding call for action, sentiment or type of content that attracted most attention, positive vs. negative reactions etc. It is important to add value ponders to metrics, which are than measured against investment. Some sources say that on every dollar spent in collaboration with influencers return of investment is 6$, and in 13% of the most succesfull brands ROI is 20$.
4. Are there any golden rules regarding collaboration with influencers? Where do brands most commonly make mistakes and what would be your suggestions?
I believe that brands mostly make mistakes in the first step, which is selecting the influencer. Some of the golden rules for cooperation with influencers are: 1. Make sure to find your perfect influencer. That is a person whos values correspond with your brand's and who can assure highest return of investment, depending on your objectives (goals). 2. Define criteria for selecting an influencer. Besides compatibility with brand values, it can be reach, relevance, authenticity and resonance. 3. Define precise expectations/goals, volume of work, deadlines and terms of cooperation before you start your cooperation. 4. Make sure that influencers have their space for creativity. Influencers know their followers much better than you, so it is important to allow them to co-create your story in their own style. 5. Respect the influencer, bare in mind his/her ideas and suggestions, be present during the whole process, develop a positive relationship and share the enthusiasm you expect from them.
5. It is constant discussion on what is more important, reach, quality or interaction. What do you think? Are there situations (for some campaigns and/or brands) where one of these three things is more important than the others?
Measurement factors depend on campaigns goals. Facebook currently pushes reach as the most important metrics, but from the practice we all know that both quality of content and interaction are exceptionally important for success of almost every campaign. Taking into consideration speed in which Facebook changes its algorithm, perhaps already in the next period something else will be most important thing in the world of social media.